Ozon Informs About Developments at Ozon Bank
February 25 2022 - 4:24PM
Business Wire
Ozon Holdings PLC (NASDAQ and MOEX: “OZON”, thereafter referred
to as “Ozon” or the “Company”), a leading Russian e-commerce
platform, announces that on February 24, 2022 its banking
subsidiary, Limited Liability Company Ozon Bank (“Ozon Bank”), was
included in the Specially Designated Nationals and Blocked Persons
List (the “SDN List”) by the Office of Foreign Assets Control
(“OFAC”) of the U.S. Treasury Department as an entity “linked to
Sovcombank Open Joint Stock Company”.
Ozon acquired 100% of share capital of Oney Bank LLC from
Sovcombank Open Joint Stock Company (the “Sovcombank”) on May 26,
2021 (see the Company’s press release Ozon Announces Completion Of
Oney Bank LLC Acquisition for more details). As of the closing date
of the deal, Oney Bank ceased to be an affiliate of the Sovcombank
and thereafter was renamed into Ozon Bank. The rationale for the
acquisition of the bank with minimum operations was to equip Ozon
with the necessary banking license for the development of Ozon
financial services products for the benefit of its customers and
merchants, which is a common market practice.
Since Ozon Bank (formerly Oney Bank LLC) is no longer linked to
Sovcombank, Ozon intends to apply to OFAC for removal of Ozon Bank
from the SDN List. Ozon can provide no assurance of the outcome and
timing of the OFAC resolution on this application.
Management believes that there is no material adverse effect on
our ability to conduct business based on the currently available
information.
Ozon notes that there are no restrictions on the ability of U.S.
persons to acquire and trade in Ozon’s securities, and non-U.S.
persons are not exposed to any U.S. secondary sanctions risks in
connection with such transactions.
About Ozon
Ozon is a leading multi-category e-commerce platform and one of
the largest internet companies in Russia. Ozon’s platform offers
one of the widest selections of goods across multiple product
categories. Ozon’s country-wide warehouse footprint includes around
one million square meters. Its infrastructure enables Ozon to
provide Russian population with a fast and convenient delivery via
couriers, pick-up points and parcel lockers. Ozon’s extensive
logistics and fast-developing marketplace allow over 90 thousand
entrepreneurs to sell their products across Russia’s 11 time zones
to more than 25 million customers. In addition to its core
e-commerce business, Ozon is expanding Ozon fintech and other
value-added services, such as its quick commerce and online grocery
solution Ozon Express. For more information, please visit
https://corp.ozon.com/.
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version on businesswire.com: https://www.businesswire.com/news/home/20220225005512/en/
Investor Relations Maryia Berasneva-McNamara, Head of
Investor Relations, Ozon ir@ozon.ru
Press Office Maria Zaikina, Director of Public &
Industry Relations, Ozon pr@ozon.ru
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